Newark Apartment Portfolio Multifamily Sells For $80M - David Jarvis - Gebroe-Hammer Associates
SOLD
$80,000,000
New Jersey
See Similar DealsMultiFamily
Sold 05/16/2022
SOLD
Newark Apartment Portfolio Multifamily Sells For $80M - David Jarvis - Gebroe-Hammer Associates
Newark Apartment Portfolio
See Similar DealsMultiFamily
Sold 05/16/2022
Summary
NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Sale
The Newark Apartment Portfolio, located in Newark, was recently sold in a closed transaction. The multifamily property, consisting of 484 units, was sold for a total price of $80,000,000. David Jarvis from Gebroe-Hammer Associates represented the seller in this deal.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $80,000,000
- Units: 484
- Price Per Unit: $165,289
This significant sale in Newark highlights the strong market demand for multifamily properties. The transaction was facilitated by David Jarvis of Gebroe-Hammer Associates, who acted as the broker for the seller. The sale price of $80,000,000 reflects the value of this large-scale apartment portfolio, with each unit averaging a price of $165,289.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,266,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$284,223.09
Cash-on-Cash Return-1.27%
Monthly Debt Service$379,240.81
Annual Debt Service$4,550,889.77
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